JV sounds cool
By Cao Qian |
May 25, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI Jin Jiang International Hotels (Group) Co signed an agreement yesterday with Mitsui & Co Ltd, a major Japanese general trading company, to form a joint venture to tap the country's growing refrigerated warehousing market.
Under the pact, Mitsui & Co will invest more than 100 million yuan (US$14.66 million), through one of its subsidiaries Mitsui & Co (Asia Pacific), into Shanghai Jinjiang International Cold Logistics Development Co for a 49 percent stake.
Meanwhile, Shanghai Jinjing International Investment, a subsidiary of Jin Jiang Hotels - China's largest hotel operator - will own 51 percent of the 250 million yuan venture.
By partnering Mitsui & Co, Jinjiang Cold Logistics will be able to accelerate its expansion amid robust demand for cold storage facilities in the country and also sharpen its competitive edge globally, according to Jin Jiang executives.
Under the pact, Mitsui & Co will invest more than 100 million yuan (US$14.66 million), through one of its subsidiaries Mitsui & Co (Asia Pacific), into Shanghai Jinjiang International Cold Logistics Development Co for a 49 percent stake.
Meanwhile, Shanghai Jinjing International Investment, a subsidiary of Jin Jiang Hotels - China's largest hotel operator - will own 51 percent of the 250 million yuan venture.
By partnering Mitsui & Co, Jinjiang Cold Logistics will be able to accelerate its expansion amid robust demand for cold storage facilities in the country and also sharpen its competitive edge globally, according to Jin Jiang executives.
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